This directory contains replication materials for the results related to exchange market shares and the virtual single platform theory presented in Section 2.3, Appendix C, and Appendix F.

The directory "WRDS_Server" contains code to process TAQ data accessed via WRDS to generate the underlying data used for analysis, and also contains the processed data. The directory "R" contains the code to produce the tables and figures in Appendix C and Appendix F. The directory "Final_Output" contains the tables and figures found in Appendix C and Appendix F.

See Appendix C and Appendix F for more details on the data and the methodology.
